MID SESSION MARKET WRAP

The Mid Session Wrap is a report on the biggest movers in the FTSE 100 and macroeconomic news that impacts movements in share prices. The report also previews macroeconomic data that is due to be released over the course of the session.

Pdf

FTSE 100 continues to advance with Admiral top of the pile

January 21 2013, 1:09pm
FTSE 100 continues to advance with Admiral top of the pile

Britain may be slowed by snow but that didn't stop the FTSE 100 surging forward this Monday.

As at 11.58am, the index was up over 16 points to 0.26%, to stand at 6,170 with financial stocks doing well.

Insurer Admiral (LON:ADM) was the biggest gainer, up more than 5.2% - to stand at 1,214 pence after it was boosted by positive thoughts on the shares from City heavyweight Goldman Sachs.

The US bank added the shares to its “conviction buy” list moving the stock up from a “neutral” rating.

Conversely, Pearson (LON:PSON) shares were falling - 3.47% - to trade down to 1,195 pence each.

It said it would report flat profits this year after tough trading in the final quarter, which it cautioned is set to continue into 2013.

The firm was mostly friendless afterwards but Goldman Sachs stayed loyal.

It repeated its ‘buy’ recommendation on the shares and urged its clients to ignore short-term headwinds and focus on the long-term attractions.

Away from the big caps, the smaller firms were not faring so well. The FTSE AIM 100 was down 9.15 points to 3291,91, while the FTSE AIM All-Share was down 0.70 to stand at 737.40.

On FTSE AIM 100, Circle Oil (LON:COP) fell 1.5% while Fyffes (LON:FFY was down 2.3%.

Among the risers was Atlantic Coal (LON:ATC), up 3.57% to 0.29p, which said it had exercised its lease option over the Pott & Bannon coal mine in Pennsylvania.

The company believes the addition of the property, which is just 25 miles from the firm’s Stockton colliery, could treble the company’s existing reserves.

The 410-acre site is estimated to contain up to 13.6mln tonnes of coal, equating to around 4.1mln tonnes of washed, saleable anthracite.

Iron ore firm Afferro (LON:AFF) was also up 1.37% as one of its non-exec directors Ousmane Kane resigned to concentrate on his other role as vice chairman of African Iron Ore.

Afferro is currently in a possible takeover situation having announced last month that a number of suitors had approached the Cameroon-focused iron ore explorer.

News of the completed water delivery system at Paragon Diamonds' (LON:PRG) Lemphane bulk sampling plant in Lesotho sent its shares northwards today - rising 2.53% to stand at 20.25 pence each.

Other notable gainers were Alecto Minerals (LON:ALO), which gained 4.76% to stand at 1.10 pence each and Orogen Gold (LON:ORE) which was lifted 4.08% to stand at 0.51 pence.

Blur Group (LON:BLUR) shares went up 12.08% to stand at 148.50 pence, while Chaarat Gold (LON:CGH) went up 9.95% to stand at 29 pence each.

Last week Chaarat announced that tax changes in the Kyrgyz Republic, where it operates, have ‘simplified and clarified’ the operational environment for mining in the country.

Gold recovery specialist Goldplat (LON:GDP) was also up today, rising 3.09%.

US markets are closed today for Martin Luther King day.


Advertisement Register here to be notified of future articles.
Advertisement

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.